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Markets Will Close Friday

June 08, 2004|Walter Hamilton | Times Staff Writer

NEW YORK — The nation's financial markets will close Friday, observing the national day of mourning for former President Reagan.

The New York Stock Exchange, the Nasdaq Stock Market, the major options floors and other financial markets will shut down for the day.

"President Reagan was a great champion of free people and free markets," said John Thain, NYSE chief executive. "He believed strongly in the ability of capitalism to foster opportunity and prosperity. It is appropriate that the nation's markets on Friday will honor President Reagan's contributions to freedom and democracy."

Reagan was the first sitting president to visit the NYSE, addressing the trading floor in March 1985 about his economic plan.

The Dow Jones industrial average rose 135% during Reagan's eight years in office, despite the 22.6% plunge on Black Monday in October 1987. The Dow had recouped more than 99% of that loss by the time Reagan left office in January 1989.

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